Blackstone property fund: Finding lost property: Finding lost property

Blackstone’s real estate group usually has some tricks up its sleeve. It’s going to need them with its just-closed $10.9bn fund. Real estate financing might just be scarcer than debt for buyout deals - and both Blackstone and rival Kohlberg Kravis Roberts are in no hurry to top off their traditional private equity funds. Blackstone’s property group, run by Jonathan Gray, won’t be able to depend on leverage to make outsized returns. Instead, the group will have to be creative. To start with, how...